NightHawk Receives Proceeds of $3.25 Million in Connection with Sale of Non-Core Intellectual Property and Issuance of a Low Interest Bearing Note
January 30 2024 - 8:00AM
NightHawk Biosciences (NYSE American:
NHWK) (“NightHawk” or the “Company”), an integrated
contract development and manufacturing organization (CDMO), today
announced it has sold additional none-core IP. Additionally, the
Company received proceeds of $2.25 million from a note issued
pursuant to the terms of the previously announced divestiture of
non-core assets ( the “Note”). The Note bears interest at an annual
rate of 1% and, subject to stockholder approval, would be
convertible into shares of NightHawk’s common stock at $0.39281 per
share, an 8% premium to the closing price of the Company’s common
stock on January 29, 2024.
Jeff Wolf, CEO of NightHawk Biosciences,
commented, “Receipt of these funds is particularly timely as it
strengthens our balance sheet and provides us additional working
capital to further accelerate our growth. The sale of this
intellectual property is consistent with our strategy to divest
non-core assets in order to focus on our Scorpius BioManufacturing
subsidiary, which is gaining significant traction in the
market.”
Additional details related to the sale of the IP
and the Note are included in the Company’s Form 8-K, which has been
filed with the Securities and Exchange Commission.
NightHawk Biosciences, Inc.
NightHawk Biosciences, through its Scorpius
BioManufacturing subsidiary, is an integrated contract development
and manufacturing organization (CDMO) focused on rapidly advancing
biologic and cell therapy programs to the clinic and beyond.
Scorpius offers a broad array analytical testing, process
development, and manufacturing services to pharmaceutical and
biotech companies at its state-of-the-art facilities in San
Antonio, TX. With an experienced team and new, purpose-built U.S.
facilities, Scorpius is dedicated to transparent collaboration and
flexible, high-quality biologics biomanufacturing. For more
information, please visit: www.nighthawkbio.com or
www.scorpiusbiologics.com, and also follow us on Twitter.
Forward-Looking StatementThis
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. In some cases
forward-looking statements can be identified by terminology such as
"may," "should," "potential," "continue," "expects," "anticipates,"
"intends," "plans," "believes," "estimates," and similar
expressions, and include statements such as further accelerating
the Company’s growth and Scorpius BioManufacturing gaining
significant traction in the market . Important factors that could
cause actual results to differ materially from current expectations
include, among others, the Company’s ability to generate future
revenue from manufacturing contracts, the Company’s ability to
continue its strategy and to grow revenue, leverage fixed costs and
achieve long-term profitability; the Company’s ability to create
substantial shareholder value as a pure-play CDMO in an underserved
marketplace, the Company’s financing needs, its cash balance being
sufficient to sustain operations and its ability to raise capital
when needed, the ability to obtain regulatory approval or to comply
with ongoing regulatory requirements, regulatory limitations
relating to the Company’s ability to successfully promote its
services and compete as a pure- play CDMO, and other factors
described in the Company’s annual report on Form 10-K for the year
ended December 31, 2022, subsequent quarterly reports on Form 10-Qs
and any other filings the Company makes with the SEC. The
information in this presentation is provided only as of the date
presented, and the Company undertakes no obligation to update any
forward-looking statements contained in this presentation on
account of new information, future events, or otherwise, except as
required by law.
Media and Investor Relations ContactDavid
Waldman+1 919 289 4017investorrelations@nighthawkbio.com
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